Recovery Energy Announces Name Change to Lilis Energy

Published 6:00 AM ET Wed, 27 Nov 2013
Globe Newswire

DENVER, Nov. 27, 2013 (GLOBE NEWSWIRE) -- Recovery Energy, Inc. (Nasdaq:RECV), an oil and gas exploration and production company focused on development in the Wattenberg field and surrounding areas of the Denver-Julesburg (DJ) Basin where it holds 112,000 net acres, announced that its shareholders voted and approved to change the corporate name to Lilis Energy, Inc. The new corporate CUSIP number is 532403 102. The Company's new ticker symbol will be: LLEX, trading on NASDAQ, and is scheduled to take effect on December 2, 2013. The new corporate website URL will be: lilisenergy.com, effective in December 2013. Until announced, the current website: recoveryenergyco.com will remain active.

"With new leadership and a renewed corporate vigor, we have narrowed and refocused our E&P efforts to unconventional development of our primary de-risked Wattenberg prospects in the DJ Basin, and wanted to change our name to reflect a shift in corporate countenance," said Avi Mirman, Recovery Energy's President.

About Recovery Energy, Inc.

Recovery Energy, Inc. ("Recovery Energy") is a Denver-based independent oil and gas exploration and production company that operates in the Denver-Julesburg (DJ) Basin where it holds approximately 125,000 gross, 112,000 net acres. Recovery Energy's near-term E&P focus is to grow reserves and production in its de-risked Wattenberg Field acreage targeting the Niobrara benches and Codell Sandstone.

Forward Looking Statements

This press release may include or incorporate by reference "forward-looking statements" as defined by the SEC, including statements, without limitation, regarding the Company's expectations, beliefs, intentions or strategies regarding the future. Such forward-looking statements relate to, among other things the Company's: (1) proposed exploration and drilling operations, (2) expected investments, production and revenue, and (3) the Company's growth plans potential of its properties. These statements are qualified by important factors that could cause the Company's actual results to differ materially from those reflected by the forward-looking statements. Such factors include but are not limited to: (1) the Company's ability to finance its continued exploration and drilling operations, (2) positive confirmation of the reserves, production and operating expenses associated with the Company's properties; and (3) the general risks associated with oil and gas exploration and development, including those risks and factors described from time to time in the Company's reports and registration statements filed with the SEC.